-Economic effects of tax policy Archive

Happy Birthday, TPC
April 1, 2022
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TweetShareSharePin0 Shares On April 1, 2002, a press release announced, “The Tax Policy Center, a new joint venture between the Urban Institute and the Brookings Institution” was… Source link TweetShareSharePin0 Shares

How the TCJA Affected the Housing Market
March 30, 2022
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TweetShareSharePin0 Shares When the Tax Cuts and Jobs Act (TCJA) was enacted, critics claimed that reducing the tax subsidy for mortgage interest would hurt home values. But new TPC research shows that the reduced deduction had very little effect on the size of new mortgages, suggesting that the changes in the TCJA have not substantively

Note To Governors: Cutting Taxes Will Make Inflation Worse, Not Better
March 15, 2022
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TweetShareSharePin0 Shares Even as Republican governors blast President Biden and congressional Democrats for both causing inflation and failing to address it, they are promoting their own tax cuts that likely will add to consumer demand and raise prices. Putting more money in people’s pockets will increase demand for goods at a time of supply shortages.

Are Current Hill Tax Plans Enough To Fund A Scaled-Back Climate And Social Spending Bill?
March 10, 2022
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TweetShareSharePin0 Shares In a 50-50 Senate where every vote counts, President Biden’s “Build Back Better” (BBB) fiscal agenda has a new name and—if it wants the vote of Sen. Joe Manchin (D-WV)—a slimmed down mission. A new version still would include significant tax increases. But there are reasons to doubt they would produce a reliable

Higher Oil Prices Can Help Fuel Green Transition
March 1, 2022
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TweetShareSharePin0 Shares Democratic leaders have pledged to combat higher petroleum prices due to Russia’s invasion of the Ukraine. Shying away from a Russian oil boycott, they have proposed a federal gas tax holiday to cushion US motorists from rising pump prices. But that policy would do little to benefit consumers while worsening fiscal imbalances, air

How the Pandemic Affected the TCJA’s Shift to A Chained CPI Index
February 4, 2022
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TweetShareSharePin0 Shares The 2017 Tax Cuts and Jobs Act (TCJA) changed the way parts of the tax code are indexed for inflation. Instead of using the standard inflation measure, the CPI-U, it shifted to what’s known as chained CPI, or C-CPI-U. At the time, the Joint Committee on Taxation estimated this would raise federal revenue

The Short Run Growth and Inflation Effects of Build Back Better Are Likely to Be Very Modest
November 17, 2021
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TweetShareSharePin0 Shares A key issue in the congressional debate over President Biden’s Build Back Better (BBB) plan is how it would affect the economy over the next couple of years. Identifying precise effects is unusually difficult due to the economic circumstances stemming from the pandemic. But the bill’s overall short-run effects on both growth and

The Short Run Growth and Inflation Effects of Build Back Better Are Likely to Be Modest
November 17, 2021
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TweetShareSharePin0 Shares A key issue in the congressional debate over President Biden’s Build Back Better (BBB) plan is how it would affect the economy over the next couple of years. Identifying precise effects is unusually difficult due to the economic circumstances stemming from the pandemic. But the bill’s overall short-run effects on both growth and

It’s Long Overdue for Public Finance Scholars to Study Racism in the Tax Code
November 4, 2021
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TweetShareSharePin0 Shares The murder of George Floyd, in May 2020, sparked a national reckoning and renewed attention to issues of racial equity and justice. This long-overdue awakening led me to read extensively about racism and to think about interactions between race and tax policy. In a new paper, “Public Finance and Racism” I explore some

Settling the Dust of the Coal Industry
November 3, 2021
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TweetShareSharePin0 Shares Coal miners increasingly are victims of a cruel paradox. Even as production declines, more are suffering from deadly black lung disease. Yet falling production and growing efforts to combat climate change will slash the federal funds to support sick workers and their families. This problem can be resolved, but it will require policymakers
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